FG urges Vietnam to raise trade volume to $2bn

The Federal Government has urged Vietnam to increase the volume of bilateral trade between the two countries to $2bn.

The Permanent Secretary, Ministry of Foreign Affairs, Ambassador Dunoma Ahmed, made the call in Abuja on Friday night at a reception to mark the 81st National Day of Vietnam and the 50th anniversary of diplomatic relations between Nigeria and Vietnam.

Ahmed said the two countries currently had over $1bn in trade relations, stressing that Nigeria was seeking to deepen the partnership as part of efforts to grow its economy.

He said, “Currently, we have over one billion trade relationships. I hope, Your Excellency Ambassador, you will increase this one billion into two billion as Nigeria is looking forward to a one trillion dollar economy.”

The permanent secretary said Nigeria and Vietnam had maintained steady and productive cooperation over the past 50 years in areas including agriculture, trade and investment, defence and multilateral diplomacy.

“We have a lot of Nigerian companies and Vietnam companies cooperating in contributing to the national development of each country. Nigeria and Vietnam remain important and strategic partners in West Africa and beyond. This friendship signifies the spirit of South-South cooperation,” he said.

Ahmed said the Federal Government was committed to deepening the partnership and expanding bilateral cooperation into agro-agricultural processing, renewable energy, digital economy, pharmaceuticals, skills development and manufacturing.

He also called for increased exchange of skills and stronger people-to-people relations, particularly through youth collaboration.

The Vietnamese Ambassador to Nigeria, Le Viet Hoang, said the two countries had opportunities to expand economic cooperation as they marked five decades of diplomatic relations.

Hoang said Nigeria remained one of Vietnam’s largest trading partners in Africa, noting that Nigerian cashew nuts, timber and liquefied natural gas were among commodities traded between the two countries.

He said Vietnamese rice, consumer goods, textiles and technology had also become familiar to Nigerians.

The ambassador said Vietnam was ready to share its experience and expertise in high-tech agriculture, rice value chains, aquaculture and agro-processing to support Nigeria’s food security efforts.

He also identified telecommunications, infrastructure, innovation, e-commerce and financial technology as areas where both countries could deepen cooperation.

The ambassador urged Nigerian businesses to explore investment opportunities in Vietnam, while assuring that the Vietnamese Embassy would continue to facilitate the entry of Vietnamese businesses into the Nigerian market.

The event also marked 50 years of diplomatic relations between Nigeria and Vietnam, with both sides reaffirming their commitment to strengthening bilateral ties.